It is fixed 🙂 looks to have been another plugin W3 Cache which was causing the issue, once removed, the site became stable again after the PHP upgrade.
Thanks for the help.
Unfortunately, my site is hosted on godaddy and they only allow 5.3 and 5.4, however moving to 5.4 caused some significant issues on the main page. I reverted back to 5.3 and the stability returned.
I was hoping to be able to continue running the previous plugin till further investigation could be done.
Any thoughts on why it would be generating the php error when trying to run the previous version of the addin?